Ex-Pictet Boss Renaud De Planta Leaves Switzerland for Italy

(Bloomberg) — One of Switzerland’s top private bankers has moved to Italy, the latest in a line of wealthy individuals to relocate to the Mediterranean nation.

Renaud De Planta, who stepped down as Geneva-based Banque Pictet & Cie SA’s managing partner last year, relocated to the neighboring nation in recent months, a person familiar with the matter said. He continues to sit on the bank’s board as well as the Swiss National Bank’s Bank Council.

De Planta and his wife will still pay taxes in Switzerland, a considerable multiple of those in Italy, the person said. The banker has close personal ties to Italy, having spent a significant part of his childhood there and also speaks the language, they said. The move is unrelated to an upcoming Swiss vote on raising inheritance tax, according to the person.

De Planta couldn’t immediately be reached for comment. Marc Pictet took over his role as senior partner at the private bank about a year ago.

Swiss voters are set to decide in November if the state should be able to take half of all assets above 50 million Swiss francs ($62.1 million) passed on after death.

Switzerland has long been a haven for the world’s wealthy and has recently seen an influx of affluent individuals fleeing the UK’s crackdown on preferential treatment for so-called non doms, as well as Norway’s wealth taxes. Critics of the Swiss inheritance tax initiative fear a reversal of that dynamic if it wins enough votes, setting up the country for the loss of high-contributing taxpayers.

Italy has recently attracted a number of high-profile names including Goldman Sachs Group Inc.’s Richard Gnodde. The country has made dedicated efforts to court the world’s rich over the past decade.

In 2017 Italy introduced a regime allowing tax breaks on wealthy foreigners’ overseas earnings for as long as 15 years in exchange for an annual fee of €100,000 ($116,860), matching a similar program in the UK at the time. It has since doubled the charge.

(Updates with replacement at Pictet, line on move)

©2025 Bloomberg L.P.